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  • June 2015
  • Vol. 16, No. 5

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Financial Empowerment Toolkit for Youth

A toolkit is now available to help caseworkers, Independent Living services providers, foster parents, and other supportive adults promote the financial understanding and capabilities of youth in foster care. Many youth who transition out of foster care as young adults will become responsible for their own financial situations, and they may not have sufficient support systems and guidance to be successful. The toolkit provides important information on financial education, opportunities for practicing financial skills, and resources to help youth navigate their finances.

The toolkit, developed by the U.S. Department of Health and Human Services' Administration on Children, Youth and Families and the Office of Community Services, features a guide that includes sections covering the following topics:

  • The Importance of Financial Capability for Young People—Reviews financial capability terms and concepts and discusses why financial capability is important for youth in transition
  • Financial Capability Concepts—Explains how core financial capability concepts apply to youth transitioning out of foster care
  • Service Delivery Strategies—Addresses how to integrate financial capability into programs working with youth in foster care

The guide also highlights tools for youth, programs that work with youth, and additional resources for programs looking to integrate financial capability approaches. Tools to help youth interpret their credit reports, learn about taxes, build their credit, and protect themselves and their possessions with insurance also are included in the toolkit.

Access The Financial Empowerment Toolkit for Youth and Young Adults in Foster Care on the Children's Bureau website at http://www.acf.hhs.gov/programs/cb/resource/financial-empowerment-toolkit.
 

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